Egyptian Finance.
The tanglt d skein of the Egyptian financial complication is slowly unravelling. After the failure of the International Financial Conference, owing to France's refusal to sanction any interference with the revenues pledged to the bond-holders, England advised the Egyptian Government to abolish the Sinking Fund, and apply the monies looked up in it to necessary expenses of Government. The representatives of the Powers protested, and by suit in the Egyptian courts established their ignored rights of supervision and consultation under the Law of Liquidation, Since then proposals and counterproposals have been exchanged. France recently submitted a scheme for a £9,000,000 loan, guaranteed by the Powers, a tax on bonds and coupons (which roally amounts to a reduction of interest), and a Commission of Enquiry into Egyptian resources. The English Cabinet seem to have accepted this proposal as the basis of further parleying, although objecting to the main features of it. Mr Gladstone's cabinet remained firm in objecting to the multiple control by the Powers, and offered to place the loan under English guarantee. From a cablegram to-day it would appear that France and the other Powers are willing to waive the multiple- control, but seem reluctant to allow England the paramount influence which the sole guarantee of the loan would give. They offer to guarantee the loan, which would preserve the international rights of interference in Egyptian affairs. England's reply has not yet been returned,, but it is not improbable that site will aocept the abandonment of the multiple* control as a final basis of settlement, and the other points of divergence will be easilyarranged.
Sowe weeks ago the Melbourne " Daily Telegraph" copied from a Sydney newspaper a communication from T. C. Kerry, a member of the " Age " New Guinea exploring expedition, in which accusations of murder and ill'treatment of the natives were wade against Messrs D. P. Walker andC. J. Stewart, two other members of that ex pedition. Messrs Walker and Stewart have now commenced actions for libel against they "Daily Telegraph." 8
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Te Aroha News, Volume II, Issue 88, 7 February 1885, Page 3
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336Egyptian Finance. Te Aroha News, Volume II, Issue 88, 7 February 1885, Page 3
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